T Boone Pickens believes oil is headed to $70 despite the recent drop.
Pickens' reasoning is that U.S. production has now rolled over and is going to start declining.
He also believes that global oil demand is going to be up a whopping 2 million barrels per day year on year.
He is not worried about Iranian oil coming back online because it won't happen until well into 2016 and by then the world will need the oil.
